February 2016

DRIVING DIGITAL COMMERCE
IN AUSTRALIA
Chairman's Message
 
Welcome to the February 2016 issue of the Australian Digital Currency & Commerce Association's newsletter. 
 
Today I am delighted to announce a new leadership appointment at ADCCA - Mr Nicholas Giurietto (LinkedIn recently joined as the the CEO of the industry association.
 
Nick will be responsible for moving ADCCA to the next level, building on the solid foundation and momentum achieved by members and the digital commerce industry in the last 2 years.
 
I would like to welcome Nick as he takes the helm as Chief Executive of ADCCA.  He will be responsible for working with members, government representatives agencies and departments, as well as cross-industry digital commerce participants and other stakeholders to deliver on the plans we have been developing over the past several months.
 
Nick is an accomplished leader, with a track record of working with high-growth companies and other industry bodies. He brings a great mix of leadership, operational experience, inspiration, technical breadth, and passion for business development. Nick has previously been a member of the Experian, AAPT and the Export Finance and Insurance Corporation management teams. Over the past few years, he has additionally been involved with supporting several social justices causes in the areas of human rights and economic empowerment.

In other news, we are delighted to announce the adoption of our Industry Code of Conduct by members yesterday evening at a joint conference in Sydney and Melbourne, with representatives from Perth, Adelaide and Brisbane joining by teleconference. The adoption of these Principles by Members will help ensure our industry leads the world in Blockchain based Digital Currency Best Practice standards, via a self-regulatory approach.  

Finally, ADCCA is also very pleased to announce the welcoming of new members E&Y, Brighton Peak and Ledger Assets to the Association this issue. 
 
To our members, cross-industry colleagues, and international counterpart associations, we thank-you for your continued support as we take steps forward to ensure a healthy, robust, and globally competitive Australian digital commerce industry is established at this exciting and innovative time.
 
Ronald M. Tucker
Chairman - ADCCA

delegate: Bit Trade Australia/Bit Trade Labs

   
'2016 - The Year That Blockchain Begins to Change Everything.'

Newly appointed CEO,

M alcolm Turnbull has reminded Australians that "there has never  been a more exciting time to be an Australian" and that "disruption is  our friend".
 
 That will certainly be true for Australians involved with Blockchain in  2016.  Many commentators are predicting that this year will see a  significant increase in Bitcoin values. More profoundly, Australian  businesses are starting to sit up and take notice of Blockchain as a  truly disruptive technology.
 


Start-up entrepreneurs are seeking to make their mark by challenging established business models. CTOs of major institutions right across the industry spectrum are looking to re-invent their businesses. Trade finance, exchange settlements and insurance are just the most obvious candidates for a productivity revolution based on Blockchain technology. Regulators and professional services providers are racing to keep up.
 
And 2016 is shaping up as the year in which the race will be won or lost.  Those who grab a lead in business transformation this year will be hard to dislodge.  Those who are slow will need to disrupt the disruptors.
 
So 2016 is an especially exciting time to join the Australian Digital Currency Commerce Association as the inaugural CEO.
 
Accelerating the growth of ADCCA by promoting the common interests of Blockchain businesses is my task for 2016.
 
Key objectives for ADCCA this year include:
 
  • increasing international co-operation with similar organisations worldwide to promote Blockchain adoption and advocate for uniform regulatory, accounting and taxation standards;
  • partnering with regulators in Australia to increase understanding of the implications of Blockchain technology and to encourage appropriate yet competitive regulatory settings;
  • developing a robust self-regulatory framework for Blockchain businesses that will assist business model pioneers to establish their credibility with regulators, transactional bankers and venture capitalists; and, 
  • implementing an education and training program to help organisations and individuals alike understand the opportunities presented by Blockchain and prepare them to play a role in the changed economy that it will bring.
 
I look forward to working with the ADCCA Board and, most importantly, with ADCCA members to help make 2016 the year that Blockchain really does start to change everything.
 
Nicholas Giurietto
CEO and Managing Director
ADCCA

   
Australian Digital Currency Industry Code of Conduct
 
The emergence of a new 'global citizen' demographic that increasingly seeks to travel and do business anytime, anywhere and is increasingly impatient with the friction in today's cross-border payments processes is just one of the trends that is driving rapidly expanding adoption of digital currency transactions.
 
As this article argues, the increasing preference for digital channels for large cross-border payments will mean that there must also be a stronger focus on compliance and transparency.
 
ADCCA is acting on this need and on the recommendation from the Senate Economic References Committee Enquiry into Digital Currency that ADCCA continues development of a self-regulatory model for the digital currency industry.
 
ADCCA members have endorsed a self-regulatory framework based upon 6 key principles:

  • Members shall have appropriate AML/CTF processes in place including the ability to report any suspicious transactions;
  • Members shall have appropriate KYC processes and monitoring in place;
  • Members shall adhere to appropriate professional conduct standards including background checks for directors, officers and substantial shareholders;
  • Members shall participate in an external dispute resolution scheme to ensure that consumers have a fair opportunity to seek redress for any perceived service failures;
  • Adherence to the Code of Conduct shall be monitored through an annual audit and re-certification process; and,
  • ADCCA shall manage an accreditation review and sanctions process to deal with any breaches of the Code of Conduct.
 
 
These endorsed principles form the framework for the detailed Australian Digital Currency Industry Code of Conduct which is currently being drafted.
 
The finalised Code of Conduct will allow operators of digital currency businesses in Australia to adhere to a set of standards as rigorous as in any other part of the financial system.  ADCCA Certification will allow digital currency businesses to demonstrate their credibility as trusted partners for banks, regulators and consumers.
 
The Australian Digital Currency Industry Code of Conduct is expected to be completed by May 2016.



   


EY Accelerating Entrepreneurs program - applications for 2016 are now open

The EY Accelerating Entrepreneurs program helps fast growth startups from around the world to scale their business through one-to-one guidance, networking and insight sharing. The program is designed to help accelerate entrepreneurs through the next steps of their growth journey to becoming the global market leaders of tomorrow.

Entrepreneurs working in the Australian financial services industry that meet the eligibility requirements are encouraged to apply for one of the Accelerating Entrepreneurs programs before 11 March 2016.
   


- NEW ADDCA MEMBERS -

   
Ledger Assets
joins ADCCA
 
 

Perth based Blockchain technology business Ledger Assets Pty Ltd is the newest member of ADCCA.  The Ledger Assets team specialises in the development of business applications using Blockchains.  Both business process design and full in-house Blockchain programming skills are used to offer an end-to-end application development service to clients including iOS and Android Apps.
 
Ledger Assets recently launched the world's first App for guaranteed authentication of digital images.  Uproov allows a unique time-stamped key to be created from a digital image or recording and automatically inserted into the Blockchain ledger.  The recording is now locked so if even one pixel is changed - the key will not match, providing rock-solid proof of the integrity of the recording.
 
Uproov is free and available for download on both Google Play and the Apple App Store. 
   

Ernst & Young 
joins ADCCA

 


EY is a globally integrated professional services organisation committed to building a better working world - with increased trust and confidence in business, sustainable growth, development of talent in all its forms, and greater collaboration.

With a specific focus on supporting entrepreneurs and empowering innovation, EY has joined ADCCA to contribute to the exploration of blockchain and distributed ledger technology and its potential to disrupt the financial services industry.



Brighton Peak
joins ADCCA

 

Brighton Peak is an Australian based Bitcoin exchange focusing on user friendliness and security for customers. Brighton Peak also provides Bitcoin and blockchain consulting services.


DIGITAL CURRENCY HEADLINES

 
 

ADCCA peer organisation, the US Chamber of Digital Commerce is hosting a top level Blockchain Summit in Washington DC on March 3.

Key speakers include Arvind Krishna from IBM and Blythe Masters from Digital Asset Holdings.


 

 
"Accenture creates new blockchain practice for banks and brokers"

Money Management, February 2016
 
 
Accenture is launching a specialised practice geared at helping financial institutions implement blockchain technology and distributed ledger solutions.
 
-Read More-

 

 
"Why Barclays Africa Is Interested In Bitcoin And Blockchain"

AFK Insider | February 2016
 
 
Will banks in developing markets prove to be the Blockchain pioneers?

Having lost out to telcos in bringing financial services to the unbanked, African banks are  are increasingly seeing the continent as a testing ground for new financial technologies like bitcoin and the blockchain.
 
-Read More-

 

 
"EDCAB addresses European Parliament hearing on virtual currencies"

EDCAB | February 2016
 
 
The European Parliament's influential Committee on Economic and Monetary Affairs (ECON) held a public hearing on virtual currencies on 25 January 2016. EDCAB's founder, Siân Jones, was one of three stakeholder experts invited to address Members of the European Parliament (MEP). Other experts invited included representatives of the European Commission, OECD and academia
 
-Read More-

 

 
"International Securities Regulators Commit to Blockchain Research Effort"

Coindesk| February, 2016
 
 
An international organization composed of the world's top securities regulators is set to delve into blockchain technology research.
The   International Organization of Securities Commissions (IOSCO), founded in the early 1980s, is dedicated to fostering cooperation between global securities regulators, particularly in regards to standards development and information exchange.

 
-Read More-

 

 

Coindesk releases State of Bitcoin and Blockchain 2016 report


 
Article Here + Report >>



 
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Copyright © 2015  | ADCCA | All rights reserved.

Published by the Australian Digital Currency Commerce Association 
Editor: Ronald M. Tucker


The ADCCA Industry Newsletter reaches a regular audience of over 1200+ Industry and Government Leaders, domestically and abroad. This reach includes regulators, parliamentarians, enterprise C-Level executives as well as cross-industry stakeholder participants both at the professional association and emerging FinTech business levels. To learn more about ADCCA or enquire as to Membership opportunities, please contact us via the below:

Our mailing address is:
The ADCCA
PO Box 21122 World Square
Sydney NSW 2002
AUSTRALIA



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